Fantom is a smart contract blockchain network that is highly popular among developers of Decentralised Apps (dApps). The platform is capable of hosting DeFi, crypto dApps, and enterprise applications. It can also be used to establish the ownership of non-fungible tokens (NFTs). The native cryptocurrency of the Fantom blockchain network is called Fantom crypto (FTM). Owing to its scalability potential, Fantom has been posing to be a reliable alternative to Bitcoin and Ethereum.
Let’s dive in to learn more about FTM and the ways and methods to buy and sell it.
Fantom is an open-sourced, decentralised and permissionless smart contract platform for digital assets and decentralised apps (dApps). It was built to become a faster and cheaper alternative to Ethereum with the help of its powerful proof-of-stake consensus mechanism. It provides a steady balance of security, decentralisation and scalability.
One of the unique aspects of the Fantom network is its absolute finality. This means that transactions on the platform cannot be reverted like that of the Ethereum-based blockchains. The consensus mechanism is also highly scalable, which increases decentralisation, and therefore, security.
Fantom was launched in 2018 by the Fantom Foundation. The foundation was established by Computer Scientists, Dr Ahn Byung Ik and Michael Kong. Michael Kong is the CEO as well as CIO of the Fantom Foundation at the moment. Currently, the headquarters of the Fantom Ecosystem is based in South Korea.
The Fantom network was created to be a scalable smart-contract platform where developers can create DeFi applications. It also aims to be the alternative to the Ethereum Blockchain by offering improved scalability potential and decentralisation.
The Fantom network works with the help of two consensus mechanisms – Directed acyclic graph (DAG) and Lachesis. DAG allows users on the platform to confirm transactions very quickly. On the other hand, Lachesis works towards securing the multiple chains that work inside this ecosystem.
The Byzantine Fault Tolerance algorithm of the Lachesis protocol allows nodes to create blocks independently, which enhances the transparency of the network. The algorithm also safeguards the network from any potential malicious attacks. Decentralisation of the network ensures complete freedom, which the Byzantine Fault Tolerance safeguards.
Here are some of the primary benefits of using the Fantom network:
Here are some of the disadvantages of using this network:
As of August 2022, the FTM coin price has been hovering around the $0.34 mark. Currently, it is 90.26% below its all-time highest price of $3.50. The rank of Fantom crypto in terms of Market capitalisation is above average, hovering around the 40th rank. The FTM coin has been seeing a declining trajectory since its launch, primarily because of rising inflation.
FTM crypto is unique as it is compatible with Ethereum-based smart contracts. Its scalability makes it usable at the industry level. In Fantom, smart contracts that are written in Ethereum’s language (Solidity) can be used in a more secure, faster and cheaper manner. If Fantom crypto continues its growth in the DeFi space, it could become one of the biggest cryptocurrencies in terms of market cap and volume.
FTM crypto that operates the entire Fantom ecosystem is versatile and can be used for payments, staking, governance and paying transaction fees on the network. FTM crypto is also available in the form of a BEP-2 token in the Binance ecosystem and an ERC-20 token in the Ethereum ecosystem.
In India, you can buy Fantom crypto from cryptocurrency exchanges like Binance, FTX, WazirX etc. The whole process does not take more than 15 minutes. The only things that you will require to buy Fantom cryptocurrency are:
Here are the steps that you can follow to buy Fantom crypto:
Step 1: You can buy Fantom via the cryptocurrency exchanges very easily. However, before buying, you must compare the features available in the various exchanges to see which suits your needs. Some exchanges might offer ease of use while others might offer low fees or 24-hr customer service.
Step 2: To buy crypto, you must have an account on an exchange. You can create an account in an exchange by verifying your email id and identity. Keep your phone and photo id ready for faster approval.
Step 3: Once your account is created, you can deposit money by choosing your preferred mode of payment.
Step 4: After this, you can exchange your deposited funds for Fantom. To do this, enter the amount of Fantom crypto you wish to purchase and click on “Buy”. After the purchase, you can transfer your Fantom tokens to your own personal crypto wallet.
You can sell Fantom crypto via crypto exchanges like Binance, FTX, etc. Here are the steps you can follow to sell your crypto tokens:
Step 1: Sign in to your account on an exchange platform.
Step 2: If you have the Fantom crypto tokens stored in an offline wallet, you will be required to transfer them to the platform.
Step 3: Once the Fantom tokens are uploaded for selling, choose the sell option.
Step 4: Choose the amount of Fantom you wish to sell and place the sell order. Your crypto tokens will be sold once the exchange finds a buyer.
The FTM crypto price prediction for 2022 seems quite hopeful. The maximum price of Fantom will be around $3.65 towards the end of the year, and the minimum price will be around $3.2. The average price will be something around $3.38 which is quite positive. Additionally, the forecasts show that in the years 2023 and 2024, the value of Fantom will increase and finally reach its new high in 2026.
Fantom is currently working on many projects, and the newest one that would join the list is the FTM Incentive Program. The FTM team is also coming up with a number of products to compete with the other networks on the market. Additionally, the Fantom developers are also working on creating their own blockchain.
Fantom crypto, a faster and cheaper alternative to the existing networks, poses a threat to Ethereum and Bitcoin. Fantom is one of its kind, with the independent nodes having no bearing even if one block is congested by traffic. However, despite being a highly scalable platform for crypto dApps, Fantom is not a completely risk-free investment. Since the crypto market is not liable to any government regulation, it is prone to all sorts of scams and hacks. This makes it essential to do research before investing in crypto.
Ans. FTM tokens are available in three versions:
• Ethereum (ERC- 20) token
• Opera Mainnet Token
• Binance Chain(BEP-20) token
Ans. Yes, it is a safe network as it works on the Proof-of-Stake algorithm. All transactions in the network are verified by network participants who stake their crypto to get validation rights.
Ans. Yes, Fantom crypto could prove to be a sustainable source of income provided you invest wisely. The Fantom ecosystem is planning to be the hub for decentralised apps, which makes it a great investment option for the long term.
Ans. Currently, there are 2,545,006,273 FTM coins in circulation. The maximum supply of Fantom coins has been capped at 3,175,000,000.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
Top 10 Cryptocurrencies to Invest In 2023 – Best Cryptocurrencies In IndiaCryptocurrency is a digital currency which can be used to purchase goods and services without the u... Read More »
8 Top Crypto Exchanges in India – Best Crypto Exchanges 2023Crypto assets are attracting more and more traders to explore the possibilities of their rising mar... Read More »
What is Crypto Airdrop – Its Types, Taxation, Benefits and How Does it Work?Crypto Airdrop is among one of the key strategies that have grown extremely popular since 2017 in t... Read More »
What is Pi Cryptocurrency: Network, Value, Price and FutureThe Pi Coin cryptocurrency has made the mining of digital currencies accessible for crypto enthusia... Read More »
What Is Tax On Crypto In India And How It Is CalculatedCryptocurrencies are decentralised digital currencies or assets based on blockchain technology, whi... Read More »
What Is Internet Computer Protocol (ICP) – Its Price, Investment Benefits And UsesThe ICP crypto is the native token of the ICP Blockchain network, which is used to reward the users... Read More »
What Is A Crypto Mining Rig – Its Setup, Types and How To Build OneA Crypto mining rig is a customised personal computer. It features all the essential elements of a ... Read More »
Polygon(MATIC): How Does It Work, Benefits and Price PredictionPolygon (MATIC) is a scaling solution for Ethereum, and MATIC is the name of the token that powers ... Read More »
What is GALA Crypto: Review, Benefits and How to Buy GALA Coins?GALA is an Ethereum-based cryptocurrency that powers Gala Games, a play-to-earn gaming platform. Th... Read More »
What is Bullish Engulfing Pattern – its Importance in TradingTrading in stocks is challenging. That’s why traders use several technical analysis tools, like c... Read More »
What is 1inch Crypto – How Does it Work and How to Buy it?The 1inch protocol is a decentralised exchange (dex) aggregator. Dex is a peer-to-peer (buyers and ... Read More »